Ukraine Expat Forum

Opening a Bank Account in Ukraine

I'm interested in taking advantage of the high interest rates for bank accounts here. I'm getting a lot of mixed information.

Are interest rates compound or simple?Are there restrictions on the account, i.e., does the money have to sit untouched, as for a CD?Are accounts insured, and if so, up to how much?Can one open a dollar account or an account in UAH?

It should not be an issue at all. Ukrainian banks are permitted to open accounts for foreign nationals, including banks accoutns for business purposes.

For more information please refer to be publication by Carlton Legal "Banking in Ukraine: Golden Opportunities" (overview of banking in Ukraine, including banking regulations, reliability of Ukrainian banks, international banks active in Ukraine, opening bank accounts in Ukraine, money transfers, deposits in Ukrainian banks and many other issues). The publication is available by e-mail at carltoninfo@ukr.net

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hi there;i am a Canadian (born in Poland, living in Vancouver) and was travelling in Ukraine this late spring (2011);i am looking for opportunities to go back there and help foreign businesses get established in Ukraine/Poland/other countries;normally, there are enough formalities and cultural differences that need be reconciled, before any business could be established anywhere in the world – and i hope to remove some of those barriers for businesses.i speak decent Russian and can communicate in Ukraine, where language is almost the same;i also have a good business background;depending on the kind of business venture a company thinks of getting into in Ukraine – and possibly other neighbouring countries. i hope to develop some of such a foreign project;intercultural nuances and ability to communicate are most often if not always the required grease to profitable exchange;Please let me know if I could be of any use to your project there;rgs,-Tony6*0*4--6*1*8--6*5*8*8ton_lan (at) hotmail (dot) com

The reason that the interest rates are so high is that the currency keeps getting devalued. Unlike the US which should be having its currency devalued but is not because its a reserve currency that is not the case in the Ukraine which right now is acting just like a banana republic. As long as you can keep your money in dollars (right now) or some other stable currency then you will do fine. You wont need the bank interest rates because your currency will keep appreciating against the UAH.

Be careful; the banks are not any more corrupt than the US, but they admit it more easily here. Most are in the business to loan money to friends and family usually. Privat Bank has a CD that is quite good, I understand. I opened a checking with them in dollars, but they want to charge me to convert my US dollars to Hgrevna, then change it back to dollars and again charge me, and charge $10 a month to handle our malicious govertments paperwork to keep an eye on your criminal activities. You are assumed to be guilty until proven innocent by this illegitimate government. I must travel to Kiev to consulate to prove I am not defrauding them of my meager social security check, every four weeks at my trouble and expense. Not defrauding them by being dead. Not convenient for them if I just check into local PeaceCorp office here. I travel for about 18 hours. Slavery.

Many expats move to Ukraine for its low cost of living. Expats living in Ukraine appreciate that most Ukrainians are salt-of-the-earth, hardworking people. Corruption and bribery are a way of life and expats share their experiences paying bribes.

Many expats move to Ukraine for its low cost of living. Expats living in Ukraine appreciate that most Ukrainians are salt-of-the-earth, hardworking people. Corruption and bribery are a way of lif...